The Israeli government has unanimously approved a plan to reduce the country’s emission of greenhouse gases and improve energy efficiency, in a plan to help the Jewish state meets the goals of the 2015 United Nations Climate Change Conference.

Under the plan, Israel will allocate NIS 500 million ($133 million) for government guarantees to loans given out to energy efficiency programs, and another NIS 300 million ($80 million) to grants for energy efficiency projects, particularly for small and medium-sized businesses working in the field. The Israeli government estimates that this will save the Israeli economy about NIS 30 billion ($8 billion), bringing Israel closer to meeting the goals set at last December’s U.N. conference in Paris.

In addition, Israel is planning to create minimum requirements for the production of power from renewable sources and to remove barriers in the clean-tech industry.

“We hope that the plan we are approving today will first of all lead to a reduction in sickness caused by pollution, and in addition will lead to greater efficiency and savings in the economy. We intend to continue investing the resources required to keep reducing air pollution and emissions of greenhouse gases in Israel,” said Israeli Finance Minister Moshe Kahlon, Globes reported.

“The State of Israel is at the start of an unprecedented revolution. The plan combines reduction of environmental damage and air pollution with stimulation of economic growth, economic savings, and greater efficiency in industry and public authorities,” said Israeli Environmental Protection Minister Avi Gabai.